Greenstone Partners has completed the sale of the Hickory Oaks Apartment Complex in Lansing, Illinois, in a $12.55 million multifamily transaction. The asset is located roughly 25 miles south of downtown Chicago and is positioned within the broader Chicago Southland area, a stable residential region on the south side of the metro.
Senior Director Michael Duckler of Greenstone Partners represented both the buyer and the seller in the trade. The buyer, SpringView Investments, is led by Harold Willig and maintains an established presence across Chicago’s Southland, with a long history of investing in and managing residential properties in stable communities.
The Hickory Oaks Apartment Complex totals 138 units and sold for approximately $91,000 per unit, highlighting a sizable capital commitment to the property. The community is arranged across eight three-story, garden-style brick buildings that sit on about three landscaped acres, providing a traditional low-rise multifamily layout consistent with the surrounding suburban fabric.
The property offers a diversified unit mix that includes 84 two-bedroom apartments, 52 one-bedroom units, and two studios. According to Duckler, these floor plans are in demand in the local market, and the existing fundamentals helped make the acquisition compelling for the buyer.
The transaction was characterized as a significant value-add opportunity, with meaningful rental upside identified at the asset. While specific renovation plans or capital improvement budgets were not disclosed, the buyer’s strategy is focused on capturing this upside in the context of what is described as a strong surrounding market.
With a single buyer acquiring the entire 138-unit complex in one transaction, the deal underscores ongoing investor interest in multifamily properties in established suburban submarkets around Chicago, particularly where there is potential to enhance revenue through active management and repositioning.
